Education Savings

Tuition costs continue to rise, which is why it's more important than ever to save for your child's education.

With a Coverdell Education Savings Account (CESA), members who meet earnings requirements can contribute up to $2,000 per year until their child's 18th birthday.The CESA can be used to pay for elementary, high school or college education expenses.

And here's where the good news comes in: no taxes apply to the account's earnings, and withdrawals are tax- and penalty-free as long as they go towards education expenses.